Reach Ten Holdings Berhad IPO's Analysis

Reach Ten Holdings Berhad

Reach Ten Holdings Berhad, incorporated in 2023 and headquartered in Kuching, Sarawak, Malaysia, is a leading provider of integrated telecommunications and ICT solutions. The company specializes in the design, construction, and maintenance of critical infrastructure, including fiber optic networks, telecommunication towers, and satellite-based communication systems. Its expertise spans urban and rural connectivity projects, bridging gaps in underserved areas while supporting Malaysia's digital transformation initiatives. Additionally, Reach Ten is actively involved in upgrading ICT infrastructure and delivering tailored solutions for government-linked entities and private corporations, positioning itself as a key player in advancing the nation's telecommunications sector.

IPO Details
Market: MAIN
Principal Adviser: M & A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.52
PE Ratio: 6.6-10.1
    PE (FYE): 10.14
    PE (FPE Annualised): 6.63
    PE (Hybrid): 7.34
MITI allocation?: Yes
Closing Date: 18-Apr-2025
Balloting Date: 22-Apr-2025
Listing Date: 02-May-2025
Oversubscription rate: 1.85x
Average Analysts FV :
Mplus (0.71), TA (0.66), Apex (0.58)
iSaham IPO Score :
Market Cap: 520.00 M
Number of Shares: 1,000.00 M
IPO Allocations No. of Shares %
Malaysian Public 50.00 M 5.0%
Bumiputera shareholders approved by MITI 125.00 M 12.5%
Eligible Directors and employees 25.0 M 2.5%
Private placement to selected investors and others 100.0 M 10.0%
Total Allocations 300.00 M 30.0%

Offer for Sales of 100.00 M existing shares representing 10.0% enlarged shares.

Public Issue of 200.00 M new shares representing 20.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Expansion and establishment of fibre optic communication networks infrastructure 60,000 57.69
Expansion Construction of telecommunication towers 25,000 24.04
Expansion Enhancing our satellite-based communication networks and services capability 4,300 4.14
Working capital Working capital 5,000 4.81
Listing expenses Listing expenses 8,000 7.69
Debt Repayment of bank borrowings 1,700 1.63
Total 104,000 100
Analyst Highlights
Date Analyst Highlights
24-Nov-2025
RHB
  • R10 is well-positioned to capitalise on Sarawak's secular growth theme, expecting a 14% core earnings CAGR from FY26-28F, underpinned by JENDELA Phase 2 awards and fibre network expansion.
  • Starlink enhances R10's existing VSAT portfolio, enabling expansion into new sectors such as maritime, offshore oil & gas, and IoT, with successful deployments across 300 sites.
  • Earnings are poised for a rebound in FY26F, with projected core earnings CAGR of 14% (FY26-28F), driven by new JP2 projects, recurring revenues from contract renewals, and ongoing fibre network expansion.
Utilisation of Proceeds
Business Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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